Nano-technology group Oxford Instrument grows on pampered pets

Pampered: Celebrities are prepared to pay for MRI scans for their pooches and pussy-cats

Nano-technology group Oxford Instruments, whose shares have risen nearly 500 per cent in the past three years, saw fresh gains after it reported strong half-year results.

Chief executive Jonathan Flint said he is confident the company has strong growth prospects, thanks to new products including MRI scanners for pets, with Hollywood celebrities and the mega-rich prepared to pay thousands of dollars for scans for their pampered pooches and pussy-cats.

The firm has also produced devices that use magnetic fields to detect graphene, a new material 200 times stronger than steel.

Oxford, up 21p to 1279p, increased half-year profit by 23.5 per cent to £23.1m and hiked the interim dividend by 10.1 per cent to 3.05p.

Flint said he is expanding operations in India and added that the company had not received any serious approaches from potential predators.

‘We have a broad spread of geographies and technologies, exposure to markets with long-term structural growth, a strong pipeline of new products and a focus on improving efficiency,’ he added.